Middle East Oil & Gas News for the week of June 26, 2020
Here are 9 key Middle East Oil & Gas News snippets from stories we are following at MEES for the week of June 26, 2020:
Saudi Gas: New Facilities, More Flexibility
New gas processing facilities liberate Saudi gas output from oil-related constraints. Cuts to crude output in line with ‘Opec+’ commitments should no longer lead to gas shortages. Whilst gas now dominates the Saudi power mix, Riyadh eyes 50% renewables capacity by 2030.
Algeria Seeks Elusive Oil Sector Stability…
Algeria’s new energy minister Abdelmadjid Attar talks a good game. But will he be able to resuscitate the country’s troubled oil and gas sector?
…With Gas Exports At Record Lows
Algeria’s gas revenue is collapsing. Domestic use is sapping volumes available for export as output continues its seemingly unstoppable slide.
Lebanon Shuns IMF Even Amid Lira Collapse
Lebanon’s economy is crumbling. The currency is in free fall. But despite mounting economic and political pressure IMF bailout talks are going nowhere.
Cyprus Gas Plans On The Rocks
Strained finances and a bearish gas outlook will delay first Cyprus gas well beyond the 2025 plan, and possibly indefinitely.
Oman In Pain As Revenues Plummet
Oman’s oil export revenues collapsed in May and June. The tough times will continue in the coming months, putting further pressure on an already ailing economy.
China: Record Saudi, Iraq, UAE Imports
China not only imported a record 11.35mn b/d of crude in May, it took record volumes from Saudi Arabia (2.16mn b/d), Iraq (1.64mn b/d) and the UAE (790,000 b/d).
Adnoc Bags $10bn In Gas Pipeline Deal
A transaction valuing Adnoc’s gas pipelines at $20.7bn has generated funds for investment projects and brought in valuable international expertise.
Ecomar Thinks Big As Fujairah Starts Up
The key bunkering hub of Fujairah now has a third refinery. Local firm Ecomar’s modular plant is a modest 15,000 b/d, but further expansion is planned.
